Weekly Market Update – April 1, 2019

Last Week

  • Modest gain for equities as interest rates push lower – Global equities were up 0.7% last week, as gains in the U.S. (1.4%) led the way, with muted returns in non-U.S. developed markets (0.0%) and emerging markets (-0.1%).
  • UK PM May’s Brexit deal defeated in parliament vote – UK Prime Minister Theresa May continued to try working her Brexit agreement through parliament last week with little success.
  • U.S. core inflation ticks down from prior levels. – U.S. Personal Consumption Expenditures (PCE) core was released last week, where it dropped slightly below both consensus expectations and the prior level to 1.8% year-over-year (y/y).
  • Fed leaders not yet ready to support a rate cut – In appearances last week, multiple Federal Reserve governors commented that they believe the Fed is not to the point where it should be considering a rate cut.

This Week

  • Investors looking for further clarity on global growth outlook – This week features a number of data points related to economic growth that investors will be tracking for more clarity on the global growth outlook following a set of disappointing flash Purchasing Managers’ Index readings in mid-March.
  • Jobs added figure expected to rebound in March labor market report – In this Friday’s U.S. labor market report, economist surveys expect a jobs added figure of 175k, which would be an improvement from February’s 20k figure.
  • China trade officials head to the U.S. for another round of talks – A delegation led by China’s top trade representative Liu He will head to the U.S. this week for discussions on trade.

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